Indiana § 27-2-15-4.3 Application of chapter

Indiana Statutes

§ 27-2-15-4.3 — Application of chapter

Indiana § 27-2-15-4.3

Title 27INSURANCE

Art. 2POWERS AND DUTIES OF INSURERS

Ch. 15Available Insurance Proceeds Set Aside

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Bluebook

Ind. Code § 27-2-15-4.3 (2026).

Text

3.

(a)This chapter applies to damage to or loss of a building or structure caused by fire or explosion only if all of the following are true:

(1)The municipality in which the building or structure is located is included on the list maintained by the department under section 4.4(b) of this chapter.

(2)The fire or explosion occurs on or after the effective date specified by the department for the municipality under section 4.4(b) of this chapter.

(3)The amount of the final settlement concerning the damage or loss exceeds seventy-five percent (75%) of available insurance proceeds.

(4)If the insurer, in good faith, withheld payment under an insurance policy due to:

(A)suspected arson;

(B)suspected fraud; or

(C)another question concerning coverage; the reason for withholding payment has

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3. (a) This chapter applies to damage to or
loss of a building or structure caused by fire or explosion only if all of
the following are true:
(1) The municipality in which the building or structure is located
is included on the list maintained by the department under section
4.4(b) of this chapter.
(2) The fire or explosion occurs on or after the effective date
specified by the department for the municipality under section
4.4(b) of this chapter.
(3) The amount of the final settlement concerning the damage or
loss exceeds seventy-five percent (75%) of available insurance
proceeds.
(4) If the insurer, in good faith, withheld payment under an
insurance policy due to:
(A) suspected arson;
(B) suspected fraud; or
(C) another question concerning coverage;
the reason for withholding payment has been resolved and final
settlement concerning the damage or loss has occurred.